Cartesian Growth Corporation (NASDAQ:GLBL) announced this afternoon that its shareholders have approved its business combination with wealth management firms Tiedemann Group and Alvarium Investments during a special meeting held earlier today.
The SPAC did not disclose redemption amounts, but the share price of GLBL briefly spiked to a high of $28.49 yesterday on volume of 1,183,779 shares. GLBL’s share price has since come down and is currently trading today near $10.27.
Additionally, Cartesian stated that the closing-related processes are “underway, but in the interest of merger-accounting simplicity, the closing will not occur until January 3, 2023, after the end of the 2022 fiscal year.” However, there was no explanation as to why there is a potential six-week delay to close this combination. Plus, whether the redemptions will happen in 2022 or would happen concurrently with the closing in 2023, which would subject it to the 1% excise tax.
Upon closing, the combined company will operate as Alvarium Tiedemann Holdings and its common stock and warrants are expected to be listed on Nasdaq under the ticker symbols “GLBL” and “GLBLW”, respectively.
The parties initially announced their $1 billion combination on September 20, 2021. The two firms serve as alternative asset managers to clients on four continents and are expected to have about $60 billion in assets under management by the end of 2021.
- Piper Sandler & Co. is serving as financial advisor to the Tiedemann Group.
- Seward & Kissel LLP is serving as legal counsel to the Tiedemann Group.
- The Asset & Wealth Management Investment Banking Group of Raymond James & Associates, Inc. and Spencer House Partners LLP are serving as financial advisors to Alvarium.
- Goodwin Procter LLP is serving as legal counsel to Alvarium.
- Cantor Fitzgerald & Co. is serving as capital markets advisor to Cartesian Growth Corporation.
- BofA Securities is serving as financial advisor and capital markets advisor to Cartesian.
- Greenberg Traurig, LLP is serving as legal counsel to Cartesian.